German Uniper announced the complete cessation of gas purchases in Russia
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The German company Uniper received a net loss for 9 months of €40.374 billion under IFRS. This was due to the high costs of replacing gas supplies from Russia with purchases on the spot market. The company completely stopped receiving Russian gas. The reduction in supplies began on 14 June. The German company interprets this as a violation of the contractual obligations of Gazprom, it is said in its message.
According to the company’s announcement, about €10 billion of the expected loss of €40 billion has already been realized, and about €31 billion more losses are expected in the future. The company added that they hope to get rid of the losses associated with the cessation of Russian gas supplies by 2024. “Uniper will play a key role in providing Germany with electricity and gas for winter 2022/2023 and beyond. Therefore, we are focused on providing Germany with additional volumes of gas and LNG,” the press service quotes CFO Tiina Tuomela as saying.
Uniper’s adjusted net loss amounted to €3.2 billion in the nine months of 2022, adjusted operating loss for the same period amounted to €4.76 billion. The company expects a significant reduction in operating indicators by the end of 2022. Uniper added that they could not make a revenue forecast for 2022 due to uncertainty in gas supplies in the future.
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